This article focuses on the second set of final draft RTS, which addresses the approval process for whitepapers for ARTs.
The report by the EBA examines the draft RTS developed in accordance with MiCAR (Regulation (EU) 2023/1114). These standards create a harmonised process for approving white papers related to ARTs issued by credit institutions across the European Union.
The MiCAR comes into full effect for ARTs on 30 June 2024. This regulation aims to strike a balance between fostering innovation and ensuring fair competition, while protecting investors and maintaining market integrity. As part of this regulatory framework, MiCAR mandates a standardised process for the approval of white papers. These documents outline the specifics of ART offerings by credit institutions and play a critical role in maintaining transparency and regulatory compliance.
The draft RTS developed by the EBA seek to standardise the white paper approval process across all EU member states. This harmonisation will provide clear guidelines and expectations for institutions issuing ARTs, streamlining the process for faster and more efficient outcomes. The RTS underwent public consultation, resulting in several targeted improvements by the EBA. These include:
The primary goal is to establish a transparent, efficient, and consistent system for approving ART white papers throughout the EU. This will contribute to creating a more secure and innovative market for these digital assets.
Our team of Prudential Risk experts understands that regulations are a critical driver for the strategic priorities of financial institutions. We specialise in helping clients within the financial services sector navigate the complex web of regulatory requirements. By working closely with our clients, we identify their regulatory responsibilities and develop tailored strategies to ensure full compliance.
Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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